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ASX to drop as Crown fined $80 million for illegally taking Chinese money

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and the Crown name and logo on the top of a building.
The ASX is expected to fall this morning as Crown cops a record fine. (Source: Getty)

ASX: The local market is expected to drop at the open after US markets remained closed for the Memorial Day long weekend.

This comes after the ASX had its best day in two weeks to finish at its best level in 25 days after cracking a key resistance point.

Wall Street: US markets were closed overnight to celebrate the Memorial Day long weekend.

Crypto: Consumer advocates are urging the incoming Labor government to rein in the unregulated cryptocurrency industry as a reform priority.

A national survey found more than one in nine Australians (12 per cent) had bought cryptocurrencies in the past 12 months, setting them up for steep losses if they fled the market during the recent crash.

Record fine: Crown Melbourne has been fined $80 million over a scheme that allowed the illegal transfer of funds from China.

Victoria's Gambling and Casino Control Commission imposed the fine after an investigation found Crown devised a process to evade Chinese currency restrictions and enable the illegal transfer of funds.

Banks on blast: Bushfire and cyclone survivors intend to confront bank executives at a high-powered business summit in Sydney.

Demonstrators intend to accuse executives of bankrolling the climate crisis by funding oil and gas companies.

Hydrogen future: Australia's hydrogen industry is calling on the incoming Federal Government for policy certainty to drive decarbonisation and allow the sector to thrive.

Australian Hydrogen Council chief executive Fiona Simon will tell the industry's conference in Adelaide today the Government must urgently introduce measures to create a market for hydrogen.

Urgent services: Paramedics in NSW will continue their five-day industrial campaign as planned after their union's dispute with the Perrottet government over staffing and wages headed to the state's industrial umpire.

Paramedics on Saturday began a five-day industrial campaign after the government launched a legal challenge at the Industrial Relations Commission.

CBD oil: Drivers taking a few drops of cannabidiol, derived from cannabis, under the tongue is fine as long as it's in moderation.

A University of Sydney-led study found that 1500mg, the highest daily medicinal dose of cannabidiol (CBD), has no impact on people's driving or cognitive abilities.

- With AAP

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